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DAX futures analysis 30/08/2017


DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)

 

Another rally on DAX futures this morning, but the outlook remains negative and rallies are still a chance to sell.

  • The strength of yesterday’s bear candle is still hanging over the outlook and a rally into the resistance band 12,013/12,077 looks to be an opportunity.

Yesterday’s breach of 11,926 may not have been confirmed as the market closed slightly above the previous support but the trend of lower highs and lower lows suggests that the bears retain control on the market.

Momentum indicators remain negatively configured with the Stochastics and MACD lines falling away, whilst the RSI is struggling for any upside traction.

The hourly chart shows that momentum is simply unwinding from oversold and is set to renew downside potential.

Between 50/60 on the hourly RSI has been a selling opportunity in recent sessions.

  • The old pivot of 12,077 is the key near term barrier, whilst the 10 week downtrend is falling around 12,190 today.

 


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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.